Equinor has acquired Suncor Energy UK Limited for a total of $850 million, after the signing of a landmark agreement.

This agreement includes Suncor workers stationed in the UK who work with these assets, as well as a non-operated interest of 29.89% in the producing Buzzard oil field and an additional 40% operated interest in the Rosebank development.

“This transaction is in line with Equinor’s strategy of optimizing our oil & gas portfolio and deepening in our core countries. We are building on our longstanding position as a broad energy partner to the UK, strengthening our position as a reliable energy provider in Europe, while continuing to deliver on our ambition of becoming a net-zero company,” said Philippe Mathieu, executive vice president for Exploration and Production International.

The acquisition will increase equity shares by roughly 15,000 barrels of oil equivalent per day in equity share in 2023 and create synergies with Equinor’s existing operations.

The deal will add 40% more to Equinor’s operated portion of the Rosebank complex. The Rosebank partners aim to make a final investment decision in 2023, subject to the UK Government and partners’ approval. Rosebank is being developed in accordance with the UK Government North Sea Transition deal. The consideration in the amount of USD 250 million is subject to Rosebank’s final investment choice.

The transaction is subject to relevant regulatory approvals.